United Electronics Co.’s (eXtra) second-quarter net profit (SAR 11.8 million) missed Albilad Capital’s forecast of SAR 40 million and street expectations of SAR 45.3 million, the brokerage firm said in a report.

 

Albilad placed a “neutral” rating on the stock, with a fair value of SAR 78.20.

 

The home appliance retailer is expected to see better profit margins as of the third quarter, thanks to improved inventory accumulation.

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